狗狗币市值收益率接近1：狗狗币价格将下跌吗？

Dogecoin’s MVRV ratio has been on an uptrend for the last few weeks. From a low of 0.73 registered in mid-June, this ratio is on the verge of claiming 1. At press time, it flashed a value of 0.95. A rising MVRV indicates that the market cap is outpacing realized cap. During such phases, the motive to sell in the market picks up pace.

过去几周，狗狗币的 MVRV 比率一直呈上升趋势。从 6 月中旬的低点 0.73 开始，该比率已接近 1。截至发稿时，该比率闪现为 0.95。 MVRV 上升表明市值超过实际市值。在这些阶段，市场上的抛售动机会加快。

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In 2023, Dogecoin’s MVRV has sustained above 1 thrice. Two such instances were recorded in Q1, while one took place in Q2.

2023年，狗狗币的MVRV已三次维持在1以上。第一季度记录了两次此类情况，第二季度发生了一次。

Jan. 21 to Feb. 9: Even though the market conditions were fairly bullish during the initial few months of 2023, Dogecoin’s price registered a downtrend when its MVRV hovered above 1. The price depreciated by 11.2% during this period.

1月21日至2月9日：尽管2023年的最初几个月市场状况相当乐观，但当MVRV徘徊在1以上时，狗狗币的价格出现了下跌趋势。在此期间，价格下跌了11.2%。

Feb. 16 to Feb. 21: After the first phase concluded and the sell-pressure cooled down, Dogecoin saw a momentary recovery on the price front. However, that did not last for long. When the ratio started hovering above 1 again, DOGE dropped by 7.9%.

2月16日至2月21日：第一阶段结束、抛售压力降温后，狗狗币价格出现短暂回升。然而，这种情况并没有持续多久。当该比率再次开始徘徊在 1 以上时，DOGE 下跌了 7.9%。

April 4 to April 20: DOGE noted its largest MVRV-triggered drawdown in April. With the MVRV revolving above 1 for more than 2 weeks, the asset’s value recorded a net drop of 25.5%.

4 月 4 日至 4 月 20 日：DOGE 注意到 4 月份 MVRV 引发的最大规模缩编。随着MVRV在1以上运行超过两周，资产价值净下跌25.5%。

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Dogecoin Market Conditions

狗狗币市场状况

So, if the ratio re-crosses 1, the market conditions will start becoming appealing to sellers. If the bearish pressure rises consequentially, there are high odds of DOGE following the footsteps of its past precedents. At press time, bears were seemingly in control of the market. Except for the 1-hour period, the sell orders eclipsed the buy orders. On the 6 and 12-hour timeframes, the sell side weighed more by over 55 million tokens. So, if this dominance increases, then DOGE might face strong corrections.

因此，如果该比率重新跨越 1，市场状况将开始对卖家有吸引力。如果看跌压力随之上升，那么 DOGE 很可能会重蹈过去的覆辙。截至发稿时，空头似乎控制了市场。除 1 小时时段外，卖单多于买单。在 6 小时和 12 小时的时间范围内，卖方的权重超过 5500 万个代币。因此，如果这种主导地位增加，那么 DOGE 可能会面临强烈的调整。

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